Loper Bright's Impact on Foreign Taxation: Challenges to Existing IRS and Treasury Regulations
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Tax Preparer
- event Date
Thursday, December 19, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
This webinar will review the potential impact of the Supreme Court's decision in Loper Bright Enters. v. Raimondo, 144 S. Ct. 2244, 2273 (2024) on global taxpayers. Our panel of international tax advisers will examine the decision and the history of courts' deference to agency interpretations and suggest appropriate strategies for taxpayers as they consider how the new standard may impact existing rules and regulations. They will point out regulations that are most likely to be challenged under the new standard.
Ms. Bordia has over 15 years of extensive public accounting experience on addressing various complex transaction tax and international tax issues. She has assisted several clients on transaction tax related matters including but not limited to taxable and non-taxable U.S. and cross-border reorganizations, liquidations, redemptions, spin-offs, dispositions, debt restructurings, due diligence projects and in application of consolidated return regulations. Ms. Bordia has hands on experience in international tax restructuring, IP migration planning, legal entity rationalizations and integrations post mergers and acquisitions. Her areas of expertise include but is not limited to GILTI, BEAT, FDII, anti-hybrid rules, foreign tax credit, subpart F, withholding tax, investment in US property, FX gains and losses, treaty related issues, outbound transfers, permanent establishment and profit attribution rules etc. Before joining Armanino, Ms. Bordia worked at PwC, KPMG and Deloitte. She received her MBA at Haas School of Business at UC Berkeley, International Tax Certificate from Golden Gate University, Masters in Business and Bachelor of Commerce from Jai Narain Vyas University, India.
Mr. Gbegnon is a partner in the International Tax Services practice at PwC’s Silicon Valley office (San Jose). His practice focuses on tax planning for cross-border M&A and restructurings, IP integration, taxation of online / digital transactions and tax attribute planning (including foreign tax credits). Mr. Gbegnon is a member of the California Bar Association.
Mr. Zemil focuses his practice on assisting taxpayers with large-scale international tax issues, with an emphasis on outbound transactions. Prior to joining PwC's Washington National Tax Services group, he was an associate at an international law firm where his practice focused on cross-border tax controversy issues ranging from the audit stage through litigation. While attending the University of Virginia School of Law, Mr. Zemil was on the editorial board of and was a contributor to the Virginia Tax Review.
In Loper Bright, the Supreme Court overturned the long-held Chevron doctrine. The Chevron doctrine permitted agencies deference in interpreting and applying laws in ambiguous situations. Stating that "Chevron has proved to be fundamentally misguided" and "experience has also shown that Chevron is unworkable," the Court stated that it is a court's duty to resolve ambiguous rules and that agencies' interpretations are not binding.
Although the degree of the ruling's impact remains to be seen, its effect on the state of international tax could be particularly severe. The Tax Cuts and Jobs Act of 2017 rewrote tenets of global taxation and left many questions regarding its application unresolved. In the first decided tax case post Loper Bright, Varian Medical Systems Inc. and Subsidiaries v. Commissioner, 163 T.C. No. 4 (2024), Varian was allowed to take a Section 245A dividends received deduction (DRD) with respect to its Section 78 “gross up” amount. The Tax Court determined conflicting effective dates in separate IRC code sections allowed the deduction. This ruling opens the door for international taxpayers with fiscal year end CFCs and possible DRD refunds. Global tax advisers and multinational entities need to understand the reach of the Loper Bright ruling.
Listen as our panel of international tax planning experts reviews the SCOTUS decision in Loper Bright and its implications for international taxpayers.
- Introduction
- Background
- The Loper Bright decision
- Implications
- IRS: impact on IRS and Treasury regulations
- Taxpayers: strategies and challenges
- Future drafting of law
- Examples of regulations that might be challenged
The webinar will cover these and other critical issues:
- Actions international taxpayers should consider after the SCOTUS Loper Bright decision
- Examples of regulations that might be challenged
- Possible changes in IRS settlement approaches
- Effect on litigation and refund claims
Learning Objectives
After completing this course, you will be able to:
- Identify changes in how courts review IRS regulations after Loper Bright
- Determine the potential impact of Loper Bright on IRS and Treasury regulations
- Decide what actions multinational entities should consider in light of the Loper Bright ruling
- Ascertain which international tax regulations could be challenged under the new standard
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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